HOW DO I APPLY FOR A HAMP MODIFICATION LOAN AND WITH WHOM?
Mortgage Loan Modification Answer:
You can apply for a HAMP loan modification 2 ways:
1. Do-It-Yourself - You can call your lender and ask them if they or the investor who owns your loan (the company whom you think is your lender may not own your loan -- they might just be a "servicer" of your loan) participates in the HAMP program. If so, tell them you'd like to apply for a HAMP loan modification. But before you do this, be aware that doing this yourself may not get you the best results. It's like going to court without a lawyer. You will be negotiating with a lender whose sole intention is to modify your loan for the terms that will be best for them and not necessarily best for you. and most of the time, they will tell you that you are not eligible.
Before applying for a loan modification on your own, make sure you know all the HAMP guidelines, double-check your financials to make sure you're within the guidelines, and that you have a qualifying hardship that no longer lets you afford your mortgage loan.
If you don't qualify for HAMP, you may still qualify for a traditional loan modification .
2. Hire a Loan Modification Professional - If you
are not an experienced negotiator, or would prefer to have someone represent you, you can hire a loan modification professional to assemble all the necessary documents and package them according to your lender's or the HAMP guidelines. Be sure to go with a company with a solid track record and experience, and preferably does not collect upfront fees. You pay them as they complete certain tasks or when your loan modification is approved.
There has been many instances of loan modification companies and law firms operating scams so please take care to do some background check with the state bar, the BBB, and on complaint boards on the internet prior to deciding who to go with.
You can of course apply for loan modification on your own, but if you do not feel comfortable negotiating on your own with your lender, you can hire an experienced and legitimate professional to do it for you with no upfront cost.
I highly recommend No Upfront Fee Loan Modification as the best option to explore first. Read the reasons why .
For more detailed information on the HAMP loan modification program, please click on: HAMP Guidelines
To explore all your foreclosure options, click on: Foreclosure Help
Good luck and all the best to you.
If you have further questions or comments, please feel free to post again.